Many people, me included, find themselves keeping their nose to the grindstone too much. So this discussion is to see what goal setting can do for your trading.
If you are trading for the sake of trading, then you may actually be gambling. If you are treating your trading like a business and expect a return and can make withdrawls to your personal accounts on a weekly, monthly, or quarterly basis, then you’re probably on the right track. I found this to be an important part of my trading growth; looking at the income from trading and not the anticipation of a payoff.
Many people look at trading just as they do any other work-from-home business. They think it is “get rich quick”, but it’s not. In fact, if you hedge of risk using delta neutral strategies, then the rich part comes way later.
That being said, let me ask you a question, “How do you see yourself as a trader in 10 years?” When asked that, could you sustain what you’re doing now? Is your trading “Safe” or “Hedged”? I pose these questions rhetorically, but please answer them for your own good.
Also, what’s the prize in 10 years? For me, I would like to be retired from my 40 hour-per-week job (much sooner than 10 years) and enjoying the stock and option trading business as a challenge and business I can do from anywhere.
If you have similar goals, you’ve come to the right place! If you’re views are different, you are in the right place, too. Please head over to our forums (Click Here) so you can discuss your trade ideas with like-minded traders. In the mean time, I think I’ll be playing more golf in my future too!